The High-Speed Rail (HSR) as trains with an average speed of more than 200 kilometers per hour, can save travel time and improve regional linkage to a large extent. Now, there is emerging consensus that the HSR has significant impacts on regional economic growth, but the exact effects may differ across time and space. This thesis presents research concerning the effects of HSR development on regional economic growth in South China. Using prefectural panel data from 2009, 2011, 2013, 2015 and 2017, a multi-factor spatial panel model has been specified and estimated with several methodologies leading to the following conclusions: (1) The construction of the HSR system has enhanced the overall economic development in South China. (2) There are heterogeneity and interaction effects among geographical units. If these effects are not considered, the impact of the HSR system on economic growth may be overestimated. (3) There are, moreover, positive spillover effects between cities. (4) The coefficients of the market potential in the spatial panel model for both developed and backward areas are positive and significant. However, the coefficient for the developed area is larger than the coefficient for the developing area, which indicates that the effects of HSR on economic growth in developed and backward regions are unbalanced. The developed region would benefit more from the construction of the HSR, and this may exacerbate regional development inequality.